Interactive TV and video-on-demand specialist SeaChange International has sold its holding in DOCSIS technology specialist Casa Systems for US$34.1m (25.9m).
SeaChange, which acquired the stake in Casa for US$8.9m in July 2005, expects to net after-tax proceeds of US$30m from the deal, which will see Casa repurchase its own stock. SeaChange said it had originally invested in Casa, which is a supplier of DOCSIS 3.0 headend gear, Âto help accelerate the development of cost-effective, marketable solutions that enable IP streaming over cableâ¦essential for SeaChange to deliver advanced IP-based television software applicationsÂ. Since IPTV was now a reality, CEO Bill Styslinger added, Âit is the right time for us to sell our shares ofCasa so we can allocate all of our resources to help grow our core businessÂ.
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